Academy Sports & Outdoors, Inc.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited financial statements and related notes included elsewhere in this Quarterly Report for the thirteen and twenty-six weeks ended August 2, 2025 and our audited financial statements for the fiscal year ended February 1, 2025 and the section entitled “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited financial statements and related notes included elsewhere in this Quarterly Report for the thirteen and thirty-nine weeks ended November 1, 2025 and our audited financial statements for the fiscal year ended February 1, 2025 and the section entitled “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report.

Previous wording

We operate on a retail fiscal calendar pursuant to which our fiscal year consists of 52 or 53 weeks, ending on the Saturday closest to January 31 (which such Saturday may occur on a date following January 31) each year. References to any year, quarter, or month mean our fiscal year, fiscal quarter, and fiscal month, respectively, unless the context requires otherwise. References to the “current quarter,” “2025 second quarter,” or similar reference refers to the thirteen week period ended August 2, 2025, and any reference to the “prior year quarter,” “2024 second quarter” or similar reference refers to the thirteen week period ended August 3, 2024. Unless otherwise specified, all comparisons regarding the current period of 2025 are made to the corresponding period of 2024.

Current wording

We operate on a retail fiscal calendar pursuant to which our fiscal year consists of 52 or 53 weeks, ending on the Saturday closest to January 31 (which such Saturday may occur on a date following January 31) each year. References to any year, quarter, or month mean our fiscal year, fiscal quarter, and fiscal month, respectively, unless the context requires otherwise. References to the “current quarter,” “2025 third quarter,” or similar reference refers to the thirteen week period ended November 1, 2025, and any reference to the “prior year quarter,” “2024 third quarter” or similar reference refers to the thirteen week period ended November 2, 2024. Unless otherwise specified, all comparisons regarding the current period of 2025 are made to the corresponding period of 2024.

Previous wording

We are a leading full-line sporting goods and outdoor recreation retailer in the United States. Our mission is to provide “Fun for All”, and we fulfill this mission with a localized merchandising strategy and value proposition that deeply connect with a broad range of consumers. Our product assortment focuses on key categories of outdoor, sports and recreation, apparel, and footwear (representing 28%, 23%, 28%, and 21% of our 2025 second quarter net sales, respectively) through both leading national brands and a portfolio of private label brands, which go well beyond traditional sporting goods and apparel offerings.

Current wording

We are a leading full-line sporting goods and outdoor recreation retailer in the United States. Our mission is to provide “Fun for All”, and we fulfill this mission with a localized merchandising strategy and value proposition that deeply connect with a broad range of consumers. Our product assortment focuses on key categories of outdoor, sports and recreation, apparel, and footwear (represen ting 32%, 21%, 25%, and 22% of our 2025 third quarter net sales, respectively) through both leading national brands and a portfolio of private label brands, which go well beyond traditional sporting goods and apparel offerings.

Previous wording

As of August 2, 2025, we operated 306 stores that range in size from approximately 40,000 to 130,000 gross square feet, with an average size of approximately 70,000 gross square feet, throughout 21 contiguous states located primarily in the southern United States. Our stores are supported by approximately 23,000 team members, three distribution centers, and our e-commerce platform, which includes our website at www.academy.com and our mobile app. Additionally, we are deepening our customer relationships, further integrating our e-commerce platform with our stores and driving operating efficiencies by developing our omnichannel capabilities, such as our mobile app, optimizing the website experience and upgrading our fulfillment capabilities.

Current wording

As of November 1, 2025, we operated 317 stores that range in size from approximately 40,000 to 130,000 gross square feet, with an average size of approximately 70,000 gross square feet, throughout 21 contiguous states located primarily in the southern United States. Our stores are supported by approximately 24,000 team members, three distribution centers, and our e-commerce platform, which includes our website at www.academy.com and our mobile app. Additionally, we are deepening our customer relationships, further integrating our e-commerce platform with our stores and driving operating efficiencies by developing our omnichannel capabilities, such as our mobile app, optimizing the website experience and upgrading our fulfillment capabilities.

Previous wording

The expansion and enhancement of our omnichannel capabilities has resulted in increased sales in recent years. We continue to invest in initiatives that will increase traffic to our stores and e-commerce platform, which includes our website and mobile app, and drive increased sales conversion. These initiatives include investments in our new customer data platform and the development of strategies that focus on customer segmentation with the intention of improving customer identification and increasing customer engagement. Additionally, we continue to implement several website features to enhance the customer online shopping experience, including a redesigned home page, additional BOPIS features, and enhanced shipping notifications. Our improved e-commerce platform supports our stores with digital marketing and our BOPIS and ship-to-store programs. These platforms allow us to connect further with our customers for marketing and product education and assists us in introducing customers to the Academy brand by reaching customers outside of our current store footprint. During the 2025 year-to-date second quarter, stores facilitated approximately 95% of our total sales, including ship-from-store, BOPIS and in-store retail sales. We expect to continue to invest in expanding and enhancing our omnichannel capabilities, including our mobile app, optimizing the web site experience and upgrading our fulfillment capabilities, which will continue to require further investments by us.

Current wording

The expansion and enhancement of our omnichannel capabilities has resulted in increased sales in recent years. We continue to invest in initiatives that will increase traffic to our stores and e-commerce platform, which includes our website and mobile app, and drive increased sales conversion. These initiatives include investments in our new customer data platform and the development of strategies that focus on customer segmentation with the intention of improving customer identification and increasing customer engagement. Additionally, we continue to implement several website features to enhance the customer online shopping experience, including a redesigned home page, additional BOPIS features, and enhanced shipping notifications. Our improved e-commerce platform supports our stores with digital marketing and our BOPIS and ship-to-store programs. These platforms allow us to connect further with our customers for marketing and product education and assists us in introducing customers to the Academy brand by reaching customers outside of our current store footprint. During the 2025 year-to-date third quarter, stores facilitated approximately 95% of our total sales, including ship-from-store, BOPIS and in-store retail sales. We expect to continue to invest in expanding and enhancing our omnichannel capabilities, including our mobile app, optimizing the web site experience and upgrading our fulfillment capabilities, which will continue to require further investments by us.

Previous wording

We expect that new stores will be a key driver of growth in our net sales and gross margin in the future as we execute our new store opening growth plans. Our growth strategy encompasses both deepening our presence in existing markets as well as entering new markets, leveraging enhanced brand awareness and operational efficiencies. Our new store model favors off-mall locations within power centers or stand-alone buildings. We utilize comprehensive demographic and trade data to guide our real estate site selection. During the 2025 second quarter, we opened 3 new stores. Our strategic real estate approach, including the 47 stores opened since fiscal year 2021, has positioned us effectively for continued expansion.

Current wording

We expect that new stores will be a key driver of growth in our net sales and gross margin in the future as we execute our new store opening growth plans. Our growth strategy encompasses both deepening our presence in existing markets as well as entering new markets, leveraging enhanced brand awareness and operational efficiencies. Our new store model favors off-mall locations within power centers or stand-alone buildings. We utilize comprehensive demographic and trade data to guide our real estate site selection. During the 2025 third quarter, we opened 11 new stores. Our strategic real estate approach, including the 58 stores opened since fiscal year 2021, has positioned us effectively for continued expansion.

Previous wording

Selling, General and Administrative Expenses. Selling, general and administrative (“SG&A”) expenses include store and corporate administrative payroll and payroll benefits, store and corporate headquarters occupancy costs, advertising, credit card processing, information technology, pre-opening costs and other store and administrative expenses. These expenses are both variable and fixed in nature. SG&A expenses as a percentage of sales increased from 24.8% in the 2024 year-to-date second quarter to 26.9% in the 2025 year-to-date second quarter, primarily attributable to increased strategic investments, including the addition of 21 new stores since the end of the 2024 second quarter. We track and measure operating expenses as a percentage of net sales in order to evaluate our performance against profitability targets. Management of SG&A expenses depends on our ability to balance a control of operating costs, such as store and corporate headcount, information technology infrastructure and marketing and advertising expenses, while efficiently and effectively servicing our customers.

Current wording

Selling, General and Administrative Expenses. Selling, general and administrative (“SG&A”) expenses include store and corporate administrative payroll and payroll benefits, store and corporate headquarters occupancy costs, advertising, credit card processing, information technology, pre-opening costs and other store and administrative expenses. These expenses are both variable and fixed in nature. SG&A expenses as a percentage of sales increased from 25.5% in the 2024 year-to-date third quarter to 27.4% in the 2025 year-to-date third quarter, primarily attributable to increased strategic investments, including the addition of 24 new stores since the end of the 2024 third quarter. We track and measure operating expenses as a percentage of net sales in order to evaluate our performance against profitability targets. Management of SG&A expenses depends on our ability to balance a control of operating costs, such as store and corporate headcount, information technology infrastructure and marketing and advertising expenses, while efficiently and effectively servicing our customers.

Previous wording

Income Tax Expense. ASO, Inc. is treated as a U.S. corporation for U.S. federal, state, and local income tax purposes and accordingly, a provision for income taxes has been recorded for the anticipated tax consequences of our reported results of operations for federal, state and local income taxes. Recent fluctuations in income tax expense have been primarily as a result of changes in income before income taxes and changes in equity awards activity.

Current wording

Income Tax Expense. ASO, Inc. is treated as a U.S. corporation for U.S. federal, state, and local income tax purposes and accordingly, a provision for income taxes has been recorded for the anticipated tax consequences of our reported results of operations for federal, state and local income taxes. Recent fluctuations in income tax expense have been primarily a result of changes in income before income taxes and changes in equity awards activity.

Previous wording

Net Sales. Net sales increased $50.9 million, or 3.3%, in the 2025 second quarter over the prior year second quarter. The increase of 3.3% in net sales was driven by increased sales of 3.7% in the apparel merchandise division, 3.6% in the footwear merchandise division, 3.5% in the sports and recreation merchandise division and 2.5% in the outdoor merchandise division.

Current wording

Net Sales. Net sales increased $40.4 million, or 3.0%, in the 2025 third quarter over the prior year third quarter. The increase of 3.0% in net sales was driven by increased sales of 5.6% in the sports and recreation merchandise division, 2.8% in the apparel merchandise division, 2.4% in the footwear merchandise division and 2.0% in the outdoor merchandise division.

Previous wording

We opened 21 new stores since the end of the 2024 second quarter, 3 of which opened throughout the 2025 second quarter. During the 2025 second quarter, these 21 stores generated $60.8 million of net sales, including e-commerce. Since re-launching our new store program in 2022, we have opened 47 new stores, 26 of which have been open for at least twelve months. Over the last twelve months, those 26 stores have averaged approximately $13 million in net sales per store, including e-commerce. We believe that performance of new stores in year one is partially affected by the season in which the new store opens and the brand awareness in the region the new store opens.

Current wording

We opened 24 new stores since the end of the 2024 third quarter, 11 of which opened throughout the 2025 third quarter. During the 2025 third quarter, these 24 stores generated $48.6 million of net sales, including e-commerce. Since re-launching our new store program in 2022, we have opened 58 new stores, 34 of which have been open for at least twelve months. Over the last twelve months, those 34 stores have averaged approximately $13 million in net sales per store, including e-commerce. We believe that performance of new stores in year one is partially affected by the season in which the new store opens and the brand awareness in the region the new store opens.

Previous wording

Comparable sales increased 0.2% driven by higher sales across all merchandise divisions, except outdoor, as a result of a 1.5% increase in average ticket, partially offset by a decrease in comparable transactions of 1.4%.

Current wording

Comparable sales decreased 0.9% driven by lower comparable sales across all merchandise divisions, except sports and recreation, as a result of a 4.1% decrease in comparable transactions, partially offset by an increase in average ticket of 3.3%.

Previous wording

E-commerce net sales represented 10.9%of merchandise sales for the 2025 second quarter compared to 9.7% for the prior year second quarter.

Current wording

E-commerce net sales represented 10.4%of merchandise sales for the 2025 third quarter compared to 8.8% for the prior year third quarter. E-commerce net sales increased 22.2% in the 2025 third quarter over the prior year third quarter.

Previous wording

Selling, General and Administrative Expenses. SG&A expenses increased $35.7 million, or 9.7%, to $404.4 million in the 2025 second quarter as compared to $368.6 million in the 2024 second quarter, primarily as a result of our increased strategic investments of $26.8 million in new stores and technology.

Current wording

Selling, General and Administrative Expenses. SG&A expenses increased $27.8 million, or 7.6%, to $393.0 million in the 2025 third quarter as compared to$365.2 millionin the 2024 third quarter, primarily as a result of our increased strategic investments of $24.7 million in new stores and technology.

Previous wording

Interest Expense. Interest expense remained relatively constantin the 2025 second quarter when compared with the 2024 second quarter.

Current wording

Interest Expense. Interest expense remained relatively constantin the 2025 third quarter when compared with the 2024 third quarter.

Previous wording

Other Income, net. Other income, net, decreased $4.1 millionin the 2025 second quarter when compared with the 2024 second quarter, primarily driven by decreased money market investments at lower interest rates in the 2025 second quarter when compared with the 2024 second quarter.

Current wording

Other Income, net. Other income, net, decreased $3.8 millionin the 2025 third quarter when compared with the 2024 third quarter, primarily driven by decreased money market investments at lower interest rates in the 2025 third quarter when compared with the 2024 third quarter.

Previous wording

Income Tax Expense. Income tax expense decreased $4.6 million to $39.4 million for the 2025 second quarter as compared to $44.0 million in the 2024 second quarter, resulting primarily from adecrease in pre-tax income. ASO, Inc.'s effective income tax rate was 23.9% in the second quarter of 2025 compared to 23.6% in the second quarter of 2024. The increase in effective tax rate compared to the prior year quarter is due to a reduction in excess tax benefits for share based compensation.

Current wording

Income Tax Expense. Income tax expense decreased $0.5 million to $22.5 million for the 2025 third quarter as compared to$23.0 million in the 2024 third quarter. ASO, Inc.'s effective income tax rate was 23.9% in the third quarter of 2025 compared to 25.9% in the third quarter of 2024. The decreases in income tax expense and effective tax rate compared to the prior year quarter are primarily due to a relative increase in excess tax benefits for share based compensation.

Previous wording

Net Sales. Net sales increased $38.0 million, or 1.3%, year-to-date 2025 compared to year-to-date 2024, which was driven by increased sales of 1.9% in the footwear merchandise division, 1.9% in the apparel merchandise division, 1.3% in the sports and recreation merchandise division and 0.6% in the outdoor division.

Current wording

Net Sales. Net sales increased $78.4 million, or 1.8%, year-to-date 2025 compared to year-to-date 2024, which was driven by increased sales of 2.5% in the sports and recreation merchandise division, 2.1% in the apparel merchandise division, 2.1% in the footwear merchandise division and 1.1% in the outdoor division.

Previous wording

We opened 21 new stores since the end of the 2024 second quarter, 3 of which opened throughout the 2025 second quarter. During the year-to-date 2025, these 21 stores generated $103.8 million of net sales, including e-commerce. Since re-launching our new store program in 2022, we have opened 47 new stores, 26 of which have been open for at least twelve months. Over the last twelve months, those 26 stores have averaged approximately $13 million in net sales per store, including e-commerce. We believe that performance of new stores in year one is partially affected by the season in which the new store opens and the brand awareness in the region the new store opens.

Current wording

We opened 24 new stores since the end of the 2024 third quarter, 11 of which opened throughout the 2025 third quarter. During the year-to-date 2025, these 24 stores generated $110.3 million of net sales, including e-commerce. Since re-launching our new store program in 2022, we have opened 58 new stores, 34 of which have been open for at least twelve months. Over the last twelve months, those 34 stores have averaged approximately $13 million in net sales per store, including e-commerce. We believe that performance of new stores in year one is partially affected by the season in which the new store opens and the brand awareness in the region the new store opens.

Previous wording

Comparable sales decreased 1.7%driven by lower sales across all merchandise divisions as a result ofa 3.1% decreasein comparable transactions, partially offset by an increase in average ticket of 1.5%.

Current wording

Comparable sales decreased 1.4%driven by lower comparable sales across all merchandise divisions as a result ofa 3.4% decrease in comparable transactions, partially offset by an increase in average ticket of 2.1%.

Previous wording

E-commerce net sales represented 10.5%of merchandise sales for the year-to-date 2025 compared to 9.4% for the year-to-date 2024.

Current wording

E-commerce net sales represented 10.5%of merchandise sales for the year-to-date 2025 compared to 9.2% for the year-to-date 2024. E-commerce net sales increased 16.1% year-to-date 2025 compared to year-to-date 2024.

Previous wording

Gross Margin. Gross margin increased $21.1 million, or 2.1%, to $1,035.6 million for the year-to-date 2025 from $1,014.5 million for the year-to-date 2024. As a percentage of net sales, gross margin increased 30 basis points from 34.8% for the year-to-date 2024 to 35.1%for the year-to-date 2025. The increase of 30 basis points in gross margin was primarily attributable to 50 basis points of favorability in merchandise margin, which was partially offset by 20 basis points of unfavorability due to increased shrink and e-commerce shipping.

Current wording

Gross Margin. Gross margin increased $57.8 million, or 3.9%, to $1,529.0 million for the year-to-date 2025 from$1,471.2 million for the year-to-date 2024. As a percentage of net sales, gross margin increased 70 basis points from 34.6% for the year-to-date 2024 to 35.3%for the year-to-date 2025. The increase of 70 basis points in gross margin was primarily attributable to 60 basis points of favorability in merchandise margin and 10 basis points of favorability as a result of decreased freight.

Previous wording

Selling, General and Administrative Expenses. SG&A expenses increased $71.9 million, or 10.0%, to $794.0 million for the year-to-date 2025 as compared to $722.1 million for the year-to-date 2024, primarily as a result of our increased strategic investments of $60.2 million in new stores, technology, and the Jordan Brand launch.

Current wording

Selling, General and Administrative Expenses. SG&A expenses increased $99.7 million, or 9.2%, to $1,187.0 millionfor the year-to-date 2025 as compared to$1,087.3 million for the year-to-date 2024, primarily as a result of our increased strategic investments of $85.0 million, including $77.5 million in new stores and technology as well as $7.5 million for the Jordan Brand launch.

Previous wording

Write off of Deferred Loan Costs. Write off of deferred loan costs decreased by $0.4 millionfor the year-to-date 2025 when compared with the year-to-date 2024, in connection with the amendment in the 2024 first quarter that led to the write off of deferred loan costs on the ABL Facility for the year-to-date 2024.

Current wording

Write off of Deferred Loan Costs. Write off of deferred loan costs decreased by $0.4 million for the year-to-date 2025 when compared with the year-to-date 2024, in connection with the amendment in the 2024 first quarter that led to the write off of deferred loan costs on the ABL Facility for the year-to-date 2024.

Previous wording

Interest Expense. Interest expense decreased $0.5 million, or 2.6%, for the year-to-date 2025 when compared with the year-to-date 2024 primarily resulting from lower interest rates and a lower outstanding balance on our Term Loan.

Current wording

Interest Expense. Interest expense decreased $0.6 million, or 2.3%, for the year-to-date 2025 when compared with the year-to-date 2024 primarily resulting from lower interest rates and a lower outstanding balance on our Term Loan.

Previous wording

Other Income, net. Other income, net, decreased $6.4 millionfor the year-to-date 2025 when compared with the year-to-date 2024, primarily driven by decreased money market investments at lower interest rates in the year-to-date 2025 when compared with the year-to-date 2024.

Current wording

Other Income, net. Other income, net, decreased $10.2 millionfor the year-to-date 2025 when compared with the year-to-date 2024, primarily driven by decreased money market investments at lower interest rates in the year-to-date 2025 when compared with the year-to-date 2024.

Previous wording

Income Tax Expense. Income tax expense decreased $8.8 million to $56.3 millionfor the year-to-date 2025 as compared to $65.1 million for the year-to-date 2024, resulting primarily froma decrease in pre-tax income. ASO, Inc.'s effective tax rate was 24.7%for the year-to-date 2025 compared to 22.9% for the year-to-date 2024. The increase in the effective tax rate compared to the prior year is due to a higher number of employee equity awards vesting and exercised in 2024 at a higher share price compared with 2025.

Current wording

Income Tax Expense. Income tax expense decreased $9.3 million to $78.8 millionfor the year-to-date 2025 as compared to$88.1 million for the year-to-date 2024, resulting primarily froma decrease in pre-tax income. ASO, Inc.'s effective tax rate was 24.5%for the year-to-date 2025 compared to 23.6% for the year-to-date 2024. The increase in the effective tax rate compared to the prior year is due to a higher number of employee equity awards vesting and exercised in 2024 at a higher share price compared with 2025.

Previous wording

Our principal liquidity requirements are for working capital, capital expenditures and cash used to pay our debt obligations and related interest expense. We also use cash to pay dividends and repurchase common stock. We fund these liquidity requirements through cash and cash equivalents, cash generated from operating activities, issuances of debt (such as the Notes) and borrowings under our ABL Facility. On August 2, 2025, our cash and cash equivalents totaled $300.9 million. We believe our cash and cash equivalents, as well as our availability under the ABL Facility, will be sufficient to fund our cash requirements for the next 12 months and the longer term foreseeable future.

Current wording

Our principal liquidity requirements are for working capital, capital expenditures and cash used to pay our debt obligations and related interest expense. We also use cash to pay dividends and repurchase common stock. We fund these liquidity requirements through cash and cash equivalents, cash generated from operating activities, issuances of debt (such as the Notes) and borrowings under our ABL Facility. On November 1, 2025, our cash and cash equivalents totaled $289.5 million. We believe our cash and cash equivalents, as well as our availability under the ABL Facility, will be sufficient to fund our cash requirements for the next 12 months and the longer term foreseeable future.

Previous wording

•Term Loan - 8.19% variable rate term-loan with $87.3 million in principal outstanding maturing November 6, 2027 and requiring quarterly principal payments of $750 thousand; and

Current wording

•Term Loan - 8.12% variable rate term-loan with $86.5 million in principal outstanding maturing November 6, 2027 and requiring quarterly principal payments of $750 thousand; and

Previous wording

The following table summarizes our share repurchases for the 2025 first and second quarters (dollar amounts in thousands, except per share amounts):

Current wording

The following table summarizes our share repurchases for the year-to-date 2025 (dollar amounts in thousands, except per share amounts):

Previous wording

The following table summarizes our quarterly dividend payments in 2025 first and second quarters (amounts in thousands, except per share amounts):

Current wording

The following table summarizes our quarterly dividend payments for the year-to-date 2025 (amounts in thousands, except per share amounts):

Previous wording

The following table summarizes our capital expenditures for the twenty-six weeks ended August 2, 2025 and August 3, 2024 (amounts in thousands):

Current wording

The following table summarizes our capital expenditures for the thirty-nine weeks ended November 1, 2025 and November 2, 2024 (amounts in thousands):

Previous wording

We expect capital expenditures for fiscal 2025 to be between $180 million and $220 million. The following table summarizes our forecasted allocation of capital expenditures for fiscal year 2025:

Current wording

We expect capital expenditures for fiscal 2025 to be between $180 million and $210 million. The following table summarizes our forecasted allocation of capital expenditures for fiscal year 2025:

Previous wording

Cash Flows for the Twenty-Six Weeks Ended August 2, 2025 and August 3, 2024

Current wording

Cash Flows for the Thirty-Nine Weeks Ended November 1, 2025 and November 2, 2024

Previous wording

Cash provided by operating activities for the year-to-date 2025 decreased $55.0 million, compared to year-to-date 2024. This decrease is attributable to:

Current wording

Cash provided by operating activities for the year-to-date 2025 decreased $102.8 million, compared to year-to-date 2024. This decrease is attributable to:

Previous wording

•$47.5 million decrease in net income; and

Current wording

•$41.7 million decrease in net income; and

Previous wording

•$42.3 million net decrease in cash flows provided by operating assets and liabilities; partially offset by

Current wording

•$97.4 million net decrease in cash flows provided by operating assets and liabilities; partially offset by

Previous wording

•$34.8 million net increase in non-cash charges.

Current wording

•$39.9 million net increase in non-cash charges, offset by a $3.6 million gain, net of fees, on a sale-leaseback transaction in the third quarter of fiscal year 2025.

Previous wording

•$81.6 million decrease in cash flows from working capital due to pull-forward of inventory purchases at pre-tariff rates relative to the prior year period; partially offset by

Current wording

•$104.2 million decrease in cash flows from working capital due to pull-forward of inventory purchases at pre-tariff rates relative to the prior year period; partially offset by

Previous wording

•$40.3 million increase in cash flows from prepaid expenses and other current assets, largely driven by timing of construction reimbursement payments received

Current wording

•$14.2 million increase in cash flows from prepaid expenses and other current assets, largely driven by timing of construction reimbursement payments received.

Previous wording

Investing Activities. Cash used in investing activities increased $34.2 million in the year-to-date 2025 compared to the year-to-date 2024. The increase in cash used in investing activities was primarily attributable to:

Current wording

Investing Activities. Cash used in investing activities increased $29.6 million in the year-to-date 2025 compared to the year-to-date 2024. The increase in cash used in investing activities was primarily attributable to: